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7 Credit Repair Business Habits for Long-Term Success

credit repair business owner showing clients how to plan on glass board

Provide robust services to your clients and your business with thrive long-term. 

Ironically, one-quarter of credit repair agents don’t have good credit themselves. But, clearly, they learn every day how to raise their own scores doling out advice to clients day by day.

Opening a credit repair business is more than just having a great score and being skillful in handling other people’s money. Stabilize and maximize your profit when you have these credit repair business basics in place.

  1. Equip Yourself

You’ve probably heard the old quote, “Physician! Heal thyself!” This saying gained popularity because it suggests that professional should look at his or her own issues in the field.

Credit repair business owners should start in their career by studying their credit scores and habits. Study your own credit report and rectify any negative issues.

Tackling each one will be easier if you get some guidance. Read helpful information from sources such as The Consumer Protection Bureau, Bankrate.com, and the industry organization, National Foundation for Credit Counseling. The last is an information source for those wanting to become credit counselors.

As you conduct your research, pay attention to necessary skills, techniques and strategies to master the process itself and the negotiations in order to be successful and to keep clients happy.

Starting out with an accounting, business or finance degree jumps you ahead of the learning curve. It also gives you credibility. Even an Associate’s degree adds to your resume. Some even choose to set up a business as a credit counselor while completing their degrees. This said, getting a bachelor’s degree is not a prerequisite to becoming a credit repair specialist.

  1. Establish Your Credibility

In this type of business, knowing the highest standards and ethics is a go signal for a client. Your reputation spreads fast, so make it a good one. Be open to listening to client feedback. By making improvements as your business matures, you gain confidence in what you have to offer. You become attractive when you know what a credit repair agent should and should not do when interacting with clients. There’s a good change your clients have been taken advantage of before. Their suspicions are warranted. Ease their fears by having them do everything within the law and with diligence.

  1. Polish Negotiation Skills to a Shine

As a credit counselor, you will handle your client’s creditors. This aspect of the job takes assertiveness, verbal dexterity and awareness of the “game” of negotiation. The good news is that anyone can learn how to handle a conflict with poise and effectiveness. Learning negotiation skills through classes may be the best avenue. This skill just can’t be learned as well through strict reading.

  1. Be Informative

One of the most important thing as an agent is knowing all the federal and state credit repair laws. As you’re both working with legal documents, mistakes can result in jail time. In order to be updated with the newest laws, join the National Association of Credit Services Organizations.

Credit score report

 

  1. Market Yourself and Your Service in Person and on the Internet

Display your knowledge and genuine motivation by blogging either via text or video. Familiarize and humanize your business so that potential clients grow to trust you. While Facebook, LinkedIn and Twitter seem mostly for people to entertain each other, keep in mind that 1.6 billion people go there, often every day. Catching a glimpse of your business name should help keep you top of mind.

  1. Widen Your Network

Open yourself to new relationships by attending commerce events, seminars, free or paid braining. Not only will you build connections and meet potential clients, you’ll keep yourself up to date on new legislation, products and strategies.

  1. Stay Up-to-Date

You should know that laws and regulations change over time so it’s a no-no to follow old regulations and marketing methods in running this business. Also, seek opportunities in today’s trends. In this way, you can also educate your clients with the best and newest ways on how to manage their finances such as recommending new apps to them. Helping them to help themselves will make clients happier.

Mastering these habits will help you build a successful career as a credit repair specialist. Investing effort and building skills throughout the lifespan of your business will give you confidence, which in turn attracts clients. Keep in mind, too, that you will need to accept credit cards yourself to ensure you’re paid consistently on time. Because traditional banks see credit repair businesses as high-risk, you’ll have to get your high-risk merchant account. First Financial is the leader in providing these accounts to worthy businesses across the U.S. Apply today!

 

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